JP Morgan apologises for funding European Super League
Fans took to the streets to protest against the ESL. (Getty Images)
JP Morgan has vowed to “learn from” its experience with the failed European Super League, after committing £2.8bn to the controversial project.
In a statement, the investment bank said: “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future.
“We will learn from this.”
Although JP Morgan had committed billions to funding the league, no money had changed hands.
The investment bank was reportedly due to provide debt financing for the competition, and Sky News reported it was also to underwrite some £4.3bn in loans for the teams involved.
UK inflation climbs to 0.7 per cent in March
(AFP via Getty Images)
The UK’s Consumer Prices Index (CPI) rose to 0.7 per cent in March, from 0.4 per cent in February, official ONS figures showed this morning.
CPI was boosted by rising fuel costs and clothing but was partially offset by falls in the price of food.
The ONS said prices charged by manufacturers rose by 1.9 per cent in the year to March, the highest in nearly two years.
The prices they paid for their inputs jumped by almost 5.9 per cent, the most since September 2018.
British inflation is forecast to rise sharply in the coming months, due to an increase in household energy bills in April and higher global oil prices.
JP Morgan sustainability rating downgraded after funding Super League
JP Morgan s sustainability rating has been downgraded from adequate to non-compliant .
Sustainability ratings company Standard Ethics has downgraded JP Morgan’s rating after it was revealed to have funded the failed and controversial European Super League.
Standard Ethics said it judged JP Morgan’s involvement in the project to be “contrary to sustainability best practices”, and as a result downgraded its corporate rating from “adequate” to “non-compliant”.
The European Super League, announced on Sunday, sparked anger among fans, rival clubs, other leagues and even politicians, who accused club owners of putting the game at risk in pursuit of profit.